Renegotiating your mortgage at renewal time is an excellent way to save money and ensure that you have the best mortgage product for your financial situation. “51% of Canadian homeowners don’t plan on changing lenders when their mortgage comes up for renewal — and 9% weren’t even aware that they could switch lenders to get a better rate.” says Shaistha Khan by Rates.ca. Here are five reasons why you should explore your options for mortgage renewal instead of staying with the same lender’s offer:
Continue reading “Why Exploring Your Options for Mortgage Renewal Can Save You Thousands”What is a Mortgage Term? What Does Amortization Mean?
When looking for a mortgage, you have many decisions, including choosing the mortgage terms and amortization. These are two big decisions when choosing your mortgage. Here’s what you should consider when deciding.
What are Mortgage Terms?
Your mortgage terms refer to how long you have to repay your mortgage and the interest rate you’ll pay. You must renew your mortgage or repay the full balance when your term ends.
Continue reading “What is a Mortgage Term? What Does Amortization Mean?”Understanding Mortgage Trigger Points
As we move into the Fall market, there are some important things you should be aware of. While inflation has now likely peaked, we will still be dealing with the repercussions from these heightened levels for a while before things balance out. As inflation is corrected, we are also seeing home prices moving back to normal post-pandemic era. However, we are still anticipating some final rate hikes from the Bank of Canada coming into the fall.
Continue reading “Understanding Mortgage Trigger Points”Have You Had Your Mortgage Check-Up?
Spring is a great time to consider doing an annual mortgage check-in! Organizing a quick mortgage review each year can help provide peace of mind and ensure you’re on-track your future goals while still ensuring you’re able to manage the monthly payments.
Continue reading “Have You Had Your Mortgage Check-Up?”The Benefit of Rate Holds
The term “rate hold” may be something you are familiar with if you have worked with me in the past. If not, it is a term that all prospective buyers should know!
A rate hold is offered by the majority of lenders to clients who are purchasing a new home and need a mortgage. The purpose of the rate hold is to secure the interest rate on your mortgage application for a certain time period. Often, these holds range from 90-120 days. Bear in mind, these are typically not provided for anyone refinancing their mortgage or looking to transfer it from one lender to another. Only those looking to purchase a home or establish a brand-new mortgage.
Continue reading “The Benefit of Rate Holds”Time for a Mortgage Check-Up!
There has never been a better time for your annual mortgage health check-up! By organizing a quick mortgage review each year, it may yield you some fruitful financial savings.
Your home loan review this year will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your options annually could result in having more money left over at the end of each month.
Continue reading “Time for a Mortgage Check-Up!”What is a Reverse Mortgage?
Did you know? Reverse mortgages are continuing to gain popularity for 55+ homeowners in Canada! For many Canadians who are looking to retire but currently facing high debt load and ongoing expenses, as well as reduced income, it can be a challenge. This is where the reverse mortgage can help!
Continue reading “What is a Reverse Mortgage?”Time to Check-In with your Mortgage!
There has never been a better time for your annual mortgage health check-up! By organizing a quick mortgage review each year, it may yield you some fruitful financial savings.
Your home loan review this year will examine the most common potential monthly savings opportunities, including high-interest credit card debt or fixed loan payments. Reviewing your mortgage terms and options annually could result in having more money left over at the end of each month – and who doesn’t want that?!
Continue reading “Time to Check-In with your Mortgage!”Six Questions Answered
As the longest spring in memory finally gives way to summer, it’s nice to see people safely enjoy the sunny weather. I hope that you are yours are in good health. There continues to be uncertainty about the shifting mortgage market. Here are the most common questions:
Continue reading “Six Questions Answered”Should You Spend the Full Mortgage Amount You’re Approved For?
Before you start shopping for a new home, you’ll need to know exactly how much house you can afford. Otherwise, you could end up in a home that is way out of your budget. What you qualify for may not be what you can actually afford, based on your personal situation. Only you can decide how much you’re comfortable paying every month.
How Much Home Can You Afford?
Continue reading “Should You Spend the Full Mortgage Amount You’re Approved For?”